Foundation For Accounting Education Inc
- Assets
- $787.6k
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 42
- Location
- New York, NY
- Founding
- 12/1972
- Data as of
- 05/2022
- EIN
- 23-7171151
Organization Overview
Foundation For Accounting Education Inc is located in New York, NY. The organization was established in 1972. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 05/2022, Foundation For Accounting Education Inc employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Accounting Education Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 05/2022, Foundation For Accounting Education Inc generated $2.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.8%) each year. All expenses for the organization totaled $2.6m during the year ending 05/2022. As we would expect to see with falling revenues, expenses have declined by (6.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENGAGE IN EDUCATION AND RESEARCH IN THE FIELD OF ACCOUNTANCY, TO PROVIDE SCHOLARSHIPS FOR THE PURSUIT OF HIGHER-EDUCATION DEGREES IN ACCOUNTING, TO CONDUCT EDUCATIONAL PROGRAMS EMPHASIZING CAREER OPPORTUNITIES IN THE ACCOUNTING PROFESSION, TO DEVELOP AND IMPROVE EDUCATION IN THE FIELD OF ACCOUNTANCY AND OTHER PROFESSIONAL AREAS, AND TO EXPAND KNOWLEDGE IN THE ACCOUNTING SCIENCE, INCLUDING, WITHOUT LIMITATION, RETAINING AND EMPLOYING TEACHERS AND STAFF FOR THE IMPLEMENTATION OF CONTINUING EDUCATION PROGRAMS AND RESEARCH PROJECTS, DEVELOPING JOINT PROGRAMS WITH OTHER INSTITUTIONS AND DISCIPLINES, ESTABLISHING BENEFICIAL RELATIONS WITH EDUCATORS AND EDUCATIONAL INSTITUTIONS, ORGANIZING ACCOUNTANTS' STUDY GROUPS AROUND SPECIFIC TOPICS IN ACCOUNTANCY, ENCOURAGING AND PUBLISHING BOOKS AND PAMPHLETS ON ACCOUNTANCY, AND OBTAINING GRANTS AND FUNDING FOR EDUCATIONAL AND RESEARCH PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDATION FOR ACCOUNTING EDUCATION (FAE) PROVIDES CONTINUING PROFESSIONAL EDUCATION (CPE) REQUIRED TO MAINTAIN A CPA LICENSE IN NEW YORK STATE. FAE IS QUALIFIED TO PROVIDE CPE BY THE NEW YORK STATE DEPARTMENT OF EDUCATION. UNDER NEW YORK'S ACCOUNTING REFORM LAW, CPAS WHOSE PRINCIPAL PLACE OF BUSINESS IS NEW YORK ARE REQUIRED TO COMPLETE 40 HOURS OF CPE EVERY CALENDAR YEAR IN GENERAL STUDIES, INCLUDING ACCOUNTING, AUDITING, TAXATION, ADVISORY SERVICES, AND OTHER AREAS, OR 24 HOURS IN A SPECIALIZED SUBJECT. TO HELP MEET THIS REQUIREMENT FAE OFFERS MORE THAN 321 COURSES ANNUALLY INCLUDING CONFERENCES, SEMINARS, TECHNICAL SESSIONS, ON-SITE CPE AND ONLINE WEBINARS. COURSES KEEP PARTICIPANTS UPDATED ON CONSTANTLY CHANGING REGULATIONS, TECHNICAL AND ETHICAL ISSUES AND BEST PRACTICES IN ACCOUNTING AND AUDITING.FOR THE PERIOD OF JUNE 1, 2020, THRU MAY 31, 2021, DUE TO COVID-19 ENVIRONMENT FAE HELD 145 SEMINARS AND 25 CONFERENCES VIRTUALLY INSTEAD OF IN-PERSON LIVE STREAM PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joanne S Barry Executive Director | Officer | 5.6 | $73,123 |
Patrick Payano Chief Financial Officer | Officer | 13.8 | $71,374 |
Revira Brennan COO | Officer | 7.7 | $41,697 |
Emily Frizzell Chief Marketing | 10.9 | $40,491 | |
Ernest Markezin Director Of Quality Enhancement | Officer | 2.2 | $15,224 |
Denise Stefano President | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rampulla Advisory Services Llc Professional Education Service | 5/30/17 | $101,081 |
Surgent Mccoy Cpe Professional Education Service | 5/30/17 | $127,361 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $600,120 |
| Government grants | $474,274 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,074,394 |
| Total Program Service Revenue | $1,519,157 |
| Investment income | $1,995 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,410 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,319 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,606,275 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $225,495 |
| Compensation of current officers, directors, key employees. | $59,940 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,179,262 |
| Pension plan accruals and contributions | $58,737 |
| Other employee benefits | $136,990 |
| Payroll taxes | $99,328 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,047 |
| Fees for services: Accounting | $11,939 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,038 |
| Fees for services: Other | $257,123 |
| Advertising and promotion | $0 |
| Office expenses | $10,955 |
| Information technology | $97,458 |
| Royalties | $0 |
| Occupancy | $185,782 |
| Travel | $1,933 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $239,905 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,953 |
| All other expenses | $0 |
| Total functional expenses | $2,593,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $652,984 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,089 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $31,583 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $98,962 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $787,618 |
| Accounts payable and accrued expenses | $1,872,597 |
| Grants payable | $0 |
| Deferred revenue | $41,276 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,913,873 |
| Net assets without donor restrictions | -$1,207,861 |
| Net assets with donor restrictions | $81,606 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $787,618 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Foundation For Accounting Education Inc has recieved totaling $600,120.
| Awarding Organization | Amount |
|---|---|
New York State Society Of Cpas New York, NY PURPOSE: AN UNRESTRICTED GRANT TO FURTHER THE DONEE'S EXEMPT PURPOSE. | $600,120 |
Endowment Analysis
| Beg. Balance | $66,500 |
| Admin Expense | $68,250 |
| Net Contributions | $1,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Boston Architectural College Boston, MA | $43,735,977 | $21,122,754 |
Rabbi Isaac Elchanan Theological Seminary New York, NY | $154,914,739 | $24,312,479 |
Webb Institute Glen Cove, NY | $108,979,783 | $22,554,419 |
Clark Summit University Clarks Summit, PA | $12,253,431 | $11,847,715 |
Rosedale Technical College Pittsburgh, PA | $9,955,350 | $10,972,229 |
Sackler School Of Medicine New York, NY | $3,810,351 | $9,320,787 |
New York Academy Of Art New York, NY | $18,557,370 | $9,146,405 |
Auburn Theological Seminary New York, NY | $28,146,377 | $5,237,023 |
Hartford International University For Religion And Peace Hartford, CT | $70,630,501 | $3,322,795 |
Massachusetts School Of Law At Andover Andover, MA | $10,679,528 | $4,847,415 |
New York Theological Seminary New York, NY | $2,378,321 | $4,439,036 |
Yeshiva Derech Chaim Brooklyn, NY | $2,751,947 | $4,396,697 |